DALLAS (CBSDFW.COM) - Thanks to the economic upswing, a prime piece of North Dallas real estate is about to come out of moth balls. Construction could begin as early as next week on the proposed Preston Hollow Village, a multi-million dollar mixed use development at the corner of Walnut Hill and Central Expressway.

Construction could begin as early as next week on the proposed Preston Hollow Village, a multi-million dollar mixed use development at the corner of Walnut Hill and Central Expressway. (credit: cbsdfw.com)

“As long as we can get over the hump of the construction mess and everything, I’m sure it’ll be a great addition to the neighborhood, “ says homeowner Robert Hardy. “I’m excited to hear that there’s going to be a Trader Joe’s in there and a kind of combination development, kind of boost property values in a neighborhood a little bit.”

Or a lot. Dallas city leaders are salivating over the impact the development will have on the tax base.

“That property has been on the tax rolls for property value only for so long, and now you’re talking about putting a couple of hundred million dollars of increase in property value, which will increase our tax rolls which will help us throughout the city and just provide more services to our citizens across the board, “ says Council member Lee Kleinman. He represents the district surrounding the proposed development and applauds Provident Realty Advisors for working with the community to craft a complex that the neighborhood would welcome.

“It’s going to be a great improvement to the neighborhood, and it’s going to be a great improvement to the city.”

The mixed use development will be built in phases and will include retail and office space, as well as high end apartments.

“It’s going to bring new jobs and new opportunity,” says Mickey Ashmore, CEO of Dallas based United Commercial Realty. UCR secured Trader Joe’s as the development’s anchor. “I think you’re going to find a great group of restaurants that are going to go into this location and then I think with Trader Joe’s there, it’s going to make a big impact. I’m looking forward to it and I think it’s going to be a great addition to the neighborhood.”